Alphatiec Spine CEO Steps Down; Company Makes Other Management Changes (ODTMag)
Alphatec Spine Inc. has named James M. Corbett as the president and CEO effective May 1.Corbett, who has also been appointed to the board of directors, succeeds Leslie H. Cross, who has decided to retire.
Cross will continue to serve as chairman of the board of directors.
The company also announced the elimination of the position of senior vice president, U.S. commercial operations, which had been held by Thomas McLeer. In an effort to focus on growing U.S. revenue, the company said it would “optimize its organizational structure” by
having the sales and marketing functions report directly to the president/CEO.
In addition, Luke Faulstick will step down as a director.
“I am deeply honored to have had the opportunity to lead Alphatec on our transformational journey over the past couple of years,” said Cross. “I am proud of all that we have accomplished in establishing a strong foundation for future sustainable growth and for successfully executing the plans we set forth. With this foundation and the momentum we have established, I believe that now is the right time for me to step back from day-to-day management and transfer the helm. Jim
Corbett’s medical device experience, strong history as a leader, and his demonstrated ability to drive growth make him ideally suited to lead Alphatec in this next stage of its history and help the organization reach new levels of success. I look forward to a smooth transition and to working to support Jim and the future success of Alphatec.”
Corbett said he is excited about joining the firm during an “exciting inflection point” for the company.
“Les’ continuing role as chairman along with the strong leadership team he established and the great group of employees and partners across the globe provide a powerful platform for Alphatec’s future. I am proud to join this talented team and am committed to further advancing Alphatec’s vision and strategy, as well as delivering attractive returns to our shareholders,” Corbett said.
Tim Berkowitz, chairman of the executive committee of Alphatec’s board of directors called the transformation of Alphatec over the past few years has been “remarkable.”
“In just a few years, Les built a strong leadership team and an organizational culture that has resulted in overall revenue improvements, increased depth and breadth of Alphatec’s global product portfolio and significant operational savings through the adoption and implementation of lean excellence and lean enterprise initiatives,” Berkowitz said. “We thank Les for his tireless work. We are grateful that Les will be staying on as chairman and look forward to his continued contributions.”
Corbett, 56, has served as a senior executive in global organizations including Baxter and Boston Scientific Corp., as well as in chief executive officer roles at eV3, MicroTherapeutics Inc. and Home Diagnostics, Inc. Most recently he served as president and CEO of Vertos Medical Inc., a privately held medical device company. Under his leadership Vertos developed and launched Mild, an innovative procedure for the treatment of lumbar spinal stenosis. Prior to Vertos, Corbett served as CEO of eV3, Inc. where he oversaw a 90 percent growth in revenue over four years.
Faulstick resigned from his position as a member of the Alphatec board of directors, effective May 1, due to his growing commitments associated with Power Partners Inc., where he is currently
CEO and co-owner. However, moving forward, he will continue to serve as an advisor to Alphatec, officials said.
Carlsbad, Calif.-based Alphatec Spine manufactures solutions for the treatment of spinal disorders associated with trauma, congenital deformities, disease and degeneration.